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By Adam Hanieh

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The six Arab states of the Gulf Cooperation Council (GCC) play an more and more well-liked position within the worldwide financial system and during the broader heart East area. This publication analyzes the new improvement of Gulf capitalism via to the aftermath of the 2008 financial predicament. Situating the Gulf in the evolution of capitalism at a world scale, it offers a unique theoretical interpretation of this crucial zone of the center East political financial system. observed via an in depth empirical research of all sectors of the GCC economic system, the ebook argues new capitalist type, Khaleeji Capital, is forming within the Gulf - with profound implications for the center East as an entire.

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Deepening internationalization thus depended upon the integration of the Gulf region into global capitalism and, for this reason, the underlying basis of US power increasingly came to rest upon domination of the Middle East and the incorporation of the Gulf states into a US-led global order. Up until World War Two, control of the Gulf and broader Middle East had essentially swung between the ever-present rivalries of Britain and France and their struggle over the remnants of the Ottoman Empire.

Nixon’s strategy called for increasing reliance on local allies to support US interests both militarily and politically (reaching its apogee in the so-called Vietnamization of the Vietnam War). This was to have important implications in the Gulf. The End of the Golden Age Just as the United States was displacing Britain and France as the dominant power in the Middle East, the postwar economic boom was beginning to draw to an end. By the end of the 1960s, many of the factors that had enabled this boom to occur had begun to be undermined.

Up until World War Two, control of the Gulf and broader Middle East had essentially swung between the ever-present rivalries of Britain and France and their struggle over the remnants of the Ottoman Empire. With the weakening of all these powers during the war, the United States began to emerge as the dominant player in the region—its foreign policy driven by the interventionist Truman Doctrine articulated by the then US President in a speech to Congress in 1947. ” Although his initial speech did not directly mention the Middle East, an earlier draft made reference to the region’s “great natural resources of the Middle East which should not be under the exclusive control of any single nation,” and the need to ensure the perpetuation of “free enterprise .

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